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The 'debt snowball' and 'debt avalanche' might sound gimmicky, but they're both highly effective strategies to get out of credit card debt

12 days ago   |   By Business Insider

Mint Images - Bill Miles/Getty Images
Because of their high interest rates, it can be hard to figure out where to start when you want to get out of credit card debt .
Many families turn to the "debt snowball" method to repay their debts, which tackles small balances first. The "debt avalanche method," on the other hand, focuses on the balance with the highest interest rate first.
While people have their preferred methods, either debt repayment method can make a big difference, and either is significantly better than letting credit card debt grow.
Read more ...

 

7 lifelong lessons I learned from my parents about getting the most from my credit cards

7 lifelong lessons I learned from my parents about getting the most from my credit cards

12 days ago   |   By Business Insider

MoMo Productions / Getty Images
My parents were some of the most thoughtful spenders I know, and they always got the most from their credit cards .
They taught me that credit cards can be valuable for daily use, but that paying interest essentially negates any perks you might get.
They also taught me how to treat credit cards as part of my emergency fund , and that credit card "hacking" is really only effective if you're willing to put in the time and effort to do it right.
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